The South Korean economy added the largest number of job positions in four years in 2020.
According to Statistics Korea on Tuesday, South Korean employers added some 7-hundred-10-thousand jobs to the economy last year the largest yearly gain since 2016.
While that looks staggering at first glance, the details show a somewhat different picture.
More than half of the increased jobs last year were filled by people in their 60s, mainly because the government provided more public jobs to the elderly last year.
Meanwhile, the growth of jobs for those in 20s to 30s was sluggish, and jobs held by under 20s even fell by 30-thousand.
Also, the report focuses on the number of jobs, instead of people with a job.
For example, if a person is an office worker during the week and a lecturer on the weekend, the report counts that as two jobs.
This could explain the difference between Tuesday's figures and those of last year's job report which saw a loss of 2-hundred-18-thousand employees in 2020.
Most of the newly added jobs were by small and medium-sized companies.
By sector, the biggest growth was seen in health care and public administration, while transport and storage had the biggest losses.
With that, the proportion of manufacturing jobs edged down by point-2-percentage points while public sector jobs increased by point-3-percentage points.
Kim Sung-min, Arirang News